"26 November 2012" Archive

Clarification with regard to goods specified in the certificate of registration obtaining declaration/certificates under Central Sales Tax Act, 1956

Trade Circular No. 22 T of 2012 26/11/2012

Section 8 of the Central Sales Tax Act, 1956 provides for the rate of tax on sales in the course of inter-State Trade and commerce. Further, sub¬section (1) of section 8 states that every dealer, who in the course of inter-State trade or commerce, sells to a registered dealer the class or classes of goods that are specified in the certif...

Read More

MVAT – Cancellation of assessment order u/s. 23(11)

Trade Circular No. 21 T of 2012 26/11/2012

The section 23 of the MVAT Act, 2002 provides for the assessment of tax under different contingencies. 2. Sub-section (11) of section 23 provides that, (1) where a dealer has been assessed under sub-section (2), (3) or (4) and if he makes an application in Form-316 to the Commissioner within thirty days from the date of service of the ass...

Read More

SEBI : Notification regarding establishment of Local Office of Board at Indore

Notification No. LAD-NRO/GN/2012-13/24/2623 26/11/2012

No. LAD-NRO/GN/2012-13/24/2623. – In exercise of the powers conferred by sub-section (4) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board has established its Local Office at Indore under the administrative control of its Western Regional Office at Ahmedabad....

Read More

Deduction u/s. 54 / 54EC cannot be denied for investment in joint names

Director of Income-tax, International Taxation, Bangalore Vs Mrs. Jennifer Bhide (Karnataka High Court)

In the instant case, the assessee has purchased the property jointly with her husband. She has invested the money in rural bonds jointly with her husband. It is nobody's case that her husband contributed any portion of the consideration for acquisition of the property as well as bonds. The source for acquisition of the property and the bo...

Read More

Crucial date of sale for issuing C forms

C form is a form for the concessional rate of CST on the inter-state sale of goods and is issued by purchasing dealer in one State to the selling dealer in another State for the inter-state sales transactions done during the period of three months i.e a quarter. ...

Read More

Business profits of non-resident US Company not having any PE in India would not be taxable U/s. 44BB as per article 7 of DTAA

Commissioner of Income-tax Vs Enron Oil & Gas Expat Services Inc. (Uttarakhand High Court)

Article 7 of DTAA requires a non-resident US enterprise to have a permanent establishment in India for being taxed in India, otherwise it is not taxable in any view of the said treaty, even it received any remuneration in connection with any matter provided in Section 44BB of the Act. In the judgment referred to above, ...

Read More

Anti-dumping duty on import of Caustic Soda, originating in or exported from Saudi Arabia, Iran,Japan and USA

Notification No. 49/2012-Customs (ADD) 26/11/2012

Notification No.49 /2012-Customs (ADD), Whereas, the designated authority, vide its notification No. 15/28/2010-DGAD, dated the 2nd September, 2011 published in Part I, Section I of the Gazette of India, Extraordinary, dated the 2nd September, 2011, had initiated a sunset review in the matter of continuation of anti-dumping on imports of ...

Read More

6 months validity of provisional attachment not applicable after passing of assessment order is passed

Motorola Solutions India (P.) Ltd. Vs Commissioner of Income-tax, Faridabad (Punjab and Hariyana High court)

A plain reading of Section 281B of the Act clearly spells out that the Assessing Officer is empowered to pass order for provisional attachment to protect the interests of the revenue in certain cases during the pendency of any proceeding for the assessment of any income or for the assessment or reassessment of any income which has escaped...

Read More